TVLine originally reported that a revival of Fresh Prince was is in the very early stages of development and would put a new spin on the story while maintaining the series' original spirit.
Instead, PEOPLE has learned that Smith's production company is, in fact, focused on a new fish-out-of-water comedy on which Smith, 46, will serve solely as an executive producer in the reboot.
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Of course, if Fresh Prince were going to be rebooted, it would be far from the first '90s sitcom to be revived in the past few years. Most recently, John Stamos announced in April that Full House would be returning to TV with a Netflix reboot, Fuller House, and the cast has since shared several social media snaps of their reunion.